Home Credit International, a.s.

CETIN Czech Republic

<h2>General info</h2>The company, a wholesale provider of telecommunications services, owns and operates the largest electronic communications network in the Czech Republic. It offers its services, always under the same conditions, to all telecommunications operators and internet service providers who supply services to end customers via the CETIN infrastructure. The company mainly offers mobile network infrastructure services, mass fixed network services (network access services, xDSL and optical connectivity, IP TV, and voice services), data services for corporate networks, and data centre leasing.

CETIN&rsquo;s national fixed network comprises approximately 20 million pairs of copper cables and almost 46,000 km of fibre-optic cables, though this length is increasing all the time thanks to extensive investment. Mobile technology is disseminated by around 6,400 base stations. CETIN contributes to a network sharing project and provides its mobile infrastructure to O2 and T-Mobile. CETIN also offers international services to domestic and foreign providers. On the international stage, the company maintains a presence via physical network nodes (POPs) in London, Vienna, Bratislava, Frankfurt and Hong Kong, and offers comprehensive international voice and data services to over 200 customers worldwide. CETIN, as the administrator and operator of the largest critical information infrastructure for telecommunications in the Czech Republic, oversees the protection of its customers and the availability of services.

<h2>Data security</h2>In the protection of its network and users, it adopts security measures that are in line with the recommendations of the National Cyber and Information Security Agency (N&Uacute;KIB) and the European Union Agency for Cybersecurity (ENISA). It is involved in FENIX, the project that draws together companies providing connections to important services with a view to ensuring that these remain in operation even in the most critical situations. The company continuously engages in risk analysis and cybersecurity auditing in line with best practice, conducts security tests, invests in security technologies and specialists, and shares knowledge and best practices with PPF Telecom Group.

Czech Republic

CETIN&rsquo;s mission is to build, operate and constantly innovate the reliable, secure and fast telecommunications infrastructure essential for the further digital transformation and competitiveness of the Czech economy. The CETIN telecommunications network&rsquo;s set of mobile and fixed technologies is available to 99.6% of Czech households.

CETIN continues to upgrade its network throughout the country As the manager of the country&rsquo;s largest communication infrastructure, CETIN annually invests billions of crowns in its development. CETIN is working hard to build a system of fibre-optic connections and complete the blanket modernisation and acceleration of the original copper network. In both cases, the average available speed in the CETIN access network has increased further, rising by 25% on 2019 to the current 105 Mbps.

Infobox

Figures for CETIN CZ (group, consolidated) *

“Our state-of-the-art telecommunications infrastructure solutions provide the backbone for the digitalisation of the world around us.”

Cetin Group

Mansell Overlook, Atlanta

PPF Real Estate Holding B.V.

PPF Real Estate Holding operates in the Czech Republic, Germany, the Netherlands, Poland, Romania, the UK, and the US. It continuously assesses business potential in all countries where it is present, as well as in new markets in Europe and overseas.&nbsp;
In addition to acquisitions, PPF Real Estate is committed to maintaining long-term assets and a stable portfolio. As a developer, the company prioritises sustainable planning and development, energy-efficient technologies, and a healthy, modern environment for its properties and the communities they serve.

Having completed a 308-unit multi-family development project in Orlando, Florida, PPF Real Estate and its joint-venture partner moved forwards with letting the units in the last quarter of 2024. It also continued an office development project in the Romanian capital of Bucharest, where it plans to build 29,000 m2 of class-A office space adhering to the latest sustainability standards. Ground was broken in Q3 2024, with the building scheduled for completion in 2026.&nbsp;
Two residential development projects in Prague &ndash; part of a joint-venture partnership with a well-established local developer &ndash; progressed, with one of the projects receiving a building permit for its first phase at the beginning of 2024 and construction starting during Q3 2024. In the Netherlands, PPF Real Estate signed an agreement in December 2023 to divest its 13,900 m2 regional shopping centre there and closed the sale in Q1 2024. The remaining Dutch real estate investments include seven office buildings with a total lettable area of over 140,000 m2 and a Marriott-branded hotel in Rotterdam. In the United Kingdom, the company is working on a major office building refurbishment in the City of London. It also owns and rents three modernised Victorian houses in the capital.&nbsp;
In October 2023, in keeping with the PPF Group&rsquo;s policy from spring 2022 to retreat from the Russian market, PPF Real Estate signed an agreement for the sale of the Metropolis office buildings in Moscow (co-owned with Hines). This sale, closed in Q2 2024, effectively marked the end of PPF Real Estate&rsquo;s presence in Russia.

In December 2024, PPF Real Estate signed an agreement to purchase the Hilton Hotel in Prague. With nearly 800 rooms and around 5,000 m2 of conference space, it is the largest hotel in the Czech Republic and one of Europe&rsquo;s leading conference venues. The transaction was completed in Q1 2025 and PPF Real Estate holds a 95% stake.&nbsp;
In January 2025, PPF Real Estate diversified its presence in the US property market with an investment in one of the phases of the Gasworks project, a mixed-use development in Tampa, Florida. This multi-phase project is a joint venture between Washington D.C.-based real estate company KETTLER Inc. and Tampa-based entrepreneur Darryl Shaw and will connect Tampa&rsquo;s historical Ybor City with downtown districts, transforming a currently underused area through the provision of residential, retail and commercial properties. PPF Real Estate joins the venture via its acquisition of a majority stake in the current phase of the project.&nbsp;
In March 2025, PPF Real Estate signed an agreement to acquire the Four Seasons Hotel Prague. The transaction was completed in Q2 2025 and PPF Real Estate is to hold a majority stake in the project.

Netherlands

Romania

Great Britain

Germany

Ukraine

Poland

PPF Real Estate Holding is a globally recognised developer and investor with properties across Europe and the United States. Managing assets worth EUR 1.5 billion, the company is dedicated to managing and growing a portfolio of properties and projects in prime locations with value-added potential while actively seeking out new real estate investment opportunities.

"We boost the potential of real estate: We invest into it, manage properties, and look for the best ways to serve its purpose."

PPF Real Estate Holding

PPF Real Estate s.r.o.

CETIN was established in the Czech Republic in 2015, when the infrastructure arm of O2 was successfully spun off into a separate company. CETIN Group&rsquo;s vast networks and infrastructure require highly skilled technical supervision to guarantee the reliability and stability of its services. They comprise high-end voice and data services, including TV broadcasting services, IT services, and cyberservices.

CETIN&rsquo;s mission is to build, operate, and develop a reliable, secure, and high-speed telecommunications infrastructure. This mission is an essential pillar of digitalisation and a driver of the Czech Republic&rsquo;s economic competitiveness. As the owner and operator of the country&rsquo;s largest electronic communications network, CETIN delivers wholesale services to all telecommunications operators and internet access providers that serve end customers through CETIN infrastructure.&nbsp;
In addition to providing mobile and fixed network infrastructure for households and businesses (network access services, xDSL and fibre-optic connectivity, IPTV, and voice services), CETIN delivers data solutions for corporate networks and data centre leasing. It also offers international voice services to domestic providers and more than 200 telecommunications operators worldwide.&nbsp;
CETIN invests billions of Czech crowns annually in the continued development of its infrastructure. In 2024, the company further expanded the reach of its FTTH fibre-optic connections, increasing the average speed available in the fixed network more than 150% to 426 Mbps. The company is accelerating the rollout, aiming to reach one million fibre connections by 2027 or sooner.&nbsp;
By the end of 2024 &ndash; one year ahead of schedule &ndash; CETIN achieved 97% population coverage with its 5G mobile signal. At the same time, the independent company Ookla confirmed that customers using CETIN&rsquo;s infrastructure enjoy the highest available mobile data download speeds.&nbsp;
CETIN deployed Ericsson technologies to build its fifth-generation network and infrastructure, leveraging the high cybersecurity standards guaranteed by these solutions.&nbsp;

CETIN is a leading wholesale provider of telecommunications infrastructure services for fixed and mobile networks in the Czech Republic. By investing in advanced technologies and cutting-edge services, it is driving digital transformation in the four countries where it operates.

Škoda Group

&Scaron;koda Group&rsquo;s development programme encompasses a full range of mobility solutions, including trains, trams, trolleybuses, electric buses, hydrogen buses, and metro vehicles. It also supports these systems with comprehensive servicing, maintenance, digital systems, signalling, and in-house production of high-level electrical components. The group is increasingly moving towards sustainable, next-generation smart transport solutions for data-connected transport infrastructure in future smart cities, along with 5G connectivity.&nbsp;
&Scaron;koda&rsquo;s digital division focuses on innovating control, diagnostic, and autonomous systems for vehicle operation and maintenance. A key 2024 project was the Smart Depot ecosystem&rsquo;s demonstration of automated driverless &Scaron;koda tram operations in Tampere. In partnership with universities, work also continued on the development of a fully autonomous tram. &Scaron;koda also showcased its Automatic Train Operation system on Latvian commuter trains, cutting energy use by up to 15%. It achieved TBL1+ safety certification for Belgian railways, with ETCS upgrade-ready signalling technology.

The year 2024 was a transformative period for the group, marked by a focus on stabilising production and streamlining supply chains. Strategic markets include the Czech Republic, Slovakia, Finland, Germany, the Baltics, Bulgaria, Italy, and Poland. &Scaron;koda also expanded globally through partnerships with Hyundai Rotem and Hyundai Motor Company, while exploring opportunities in Central Asia and India. The acquisition of Czech company Cegelec strengthened the group&rsquo;s sustainable electric component business.&nbsp;&nbsp;
&Scaron;koda Group secured several major contracts in 2024, including orders for commuter trains for Bulgaria and the private carrier RegioJet, as well as battery trains for Česk&eacute; dr&aacute;hy. Option orders were fulfilled for trams for Brno, Tampere, and the operator RNV (Mannheim, Ludwigshafen, and Heidelberg).&nbsp;
New trolleybus contracts were signed for Česk&eacute; Budějovice, Pardubice, Brno, and Tallinn. In components, &Scaron;koda secured propulsion system contracts for trolleybuses in Genova and Tychy, and electric buses in Ko&scaron;ice. Ongoing projects advanced: tram production began for Prague, Bergamo, and Kassel, alongside the first deliveries to Frankfurt and Cottbus. The world&rsquo;s longest tram, &Scaron;koda 38T, was handed over to Mannheim, with new trams entering service in Bonn and Bratislava. The Bonn tram received the Red Dot Design Award. Production of metro trainsets for Sofia also commenced.&nbsp;&nbsp;
In rail segment, the first Czech battery trains entered service in the Moravian-Silesian Region, and deliveries of 110 RegioPanters for Česk&eacute; dr&aacute;hy were completed. ComfortJets, developed and produced with Siemens Mobility, began operating on the Prague&ndash;Berlin route. Deliveries to Latvia were finalised, and first units arrived in Estonia.

In the trolleybus sector, the &Scaron;koda 24m &ndash; the longest trolleybus in the Czech Republic &ndash; commenced service on the Prague Airport route. Deliveries to Vilnius continued, and contracts for Pardubice and Pre&scaron;ov were completed. &Scaron;koda also supplied traction motors for Landskrona trolleybuses. Modernisation projects included refurbishments of Gothenburg trams, &Ouml;BB couchette coaches, Arriva DMUs, and Lithuanian double-deck units.&nbsp;
In 2024, &Scaron;koda Group posted revenues of EUR 1.1 billion. As production expanded, the workforce remained steady at around 10,000 employees (including Temsa). During the year, the order backlog surpassed EUR 3.5 billion, while the group invested EUR 66 million in CAPEX, including R&amp;D expenditure.
TEMSA&nbsp; This Turkish manufacturer is jointly controlled by &Scaron;koda Group and Sabanaci Holding, operating in 70 countries, with a broad portfolio of urban and intercity buses and coaches. The company has subsidiaries to support sales and provide after-sales services in France, Germany, and the United States. Its main plant in Adana has an annual production capacity of 10,000 vehicles. TEMSA is a major local employer with a workforce of more than 1,400 employees. In 2024, it generated revenues of EUR 480 million. &nbsp;

Hungary

Finland

&Scaron;koda Group, a leading international provider of public transport solutions, consolidates its market position through innovation, digitalisation, and the development of its portfolio of vehicles and services. Growth in order volumes has facilitated significant investment in production capacity and job numbers.

&Scaron;koda Group, as a sustainable mobility innovator, has pledged to allocate 2-3% of its revenue to research and development in this area from 2023 to 2027. One of the 2023 innovations was the Automatic Train Operation system that facilitates greater energy efficiency in rail transport by automatically guiding the train and reacting in real time to minimise energy use by as much as 15%.
&Scaron;koda Group monitors the carbon intensity of its vehicle production and operations. In 2023, an Environmental Product Declaration was awarded to its ForCity Smart Artic X54 tram in recognition of its 92.6% recyclability rate and 98% recoverability rate. &Scaron;koda Group also reached a new milestone in alternative fuels when the next generation of its H&rsquo;CITY hydrogen bus was successfully put to the test in Prague&rsquo;s integrated transport system. &Scaron;koda Group&rsquo;s anti-collision system, a key innovation in this area, helps to prevent injuries and vehicle damage, and is an important step in progress towards the development of an autonomous tram.

Sustainability and innovations

Temsa Adana

Temsa Istanbul

TEMSA, which &Scaron;koda Group controls jointly with Sabanci Holding, is a Turkish manufacturer operating in 70 countries, with a broad portfolio of urban and intercity buses and coaches. The company has subsidiaries to support sales and provide after-sales services in France, Germany, and the United States.

The main plant in Adana has an annual production capacity of 10,000 vehicles. The company is a major local employer with a workforce of more than 1,410 employees. In 2023, TEMSA generated revenues of EUR 440 million.
Synergies between TEMSA and &Scaron;koda Group companies support further growth and expansion into international markets, particularly Western Europe, through jointly developed smart mobility solutions. TEMSA also runs T&uuml;rkiye&rsquo;s first bus research and development centre.

Turkey

Temsa develops and makes a wide range of transportation products, including municipal and intercity buses, tourist coaches, commercial vehicles, and propulsion systems including modern electric units.

TEMSA

PPF banka a.s.

PPF Banka

As the financial hub of PPF Group, the bank facilitates international payments, provides financing, manages financial assets, and trades on capital markets for Group companies.&nbsp;&nbsp;
PPF banka&rsquo;s services are built on professional expertise and bespoke solutions with added value. For customers, it is a stable, professional, and reliable partner, financing businesses across key sectors, including trade, industrial production, energy (including renewables), agriculture, forestry, IT, e-commerce, and other services.&nbsp;
The bank also finances commercial and residential real estate and other development projects. It has long-standing partnerships with Czech regions and statutory cities, supporting initiatives in energy, the circular economy, education, and beyond. Private clients also benefit from a highly personalised approach tailored to their financial needs.

As the financial hub of PPF Group, the bank facilitates international payments, provides financing, manages financial assets, and trades on capital markets for Group companies.&nbsp;&nbsp;
PPF banka&rsquo;s services are built on professional expertise and bespoke solutions with added value. For customers, it is a stable, professional, and reliable partner, financing businesses across key sectors, including trade, industrial production, energy (including renewables), agriculture, forestry, IT, e-commerce, and other services.&nbsp;
The bank also finances commercial and residential real estate and other development projects. It has long-standing partnerships with Czech regions and statutory cities, supporting initiatives in energy, the circular economy, education, and beyond. Private clients also benefit from a highly personalised approach tailored to their financial needs.&nbsp;
In 2024, the bank focused on enhancing services for existing customers and supporting their business activities. In line with its strategy, PPF banka invested in digitalisation, cybersecurity, and service efficiency, including upgrades to its mobile app and online banking. Despite the challenging external environment, the bank continued to provide financing across a wide range of industries.&nbsp;&nbsp;
From an earnings perspective, 2024 was the most successful year in the bank&rsquo;s history. It posted a net profit of almost EUR 167 million, surpassing the previous year by almost EUR 12 million.&nbsp;&nbsp;&nbsp;
PPF banka has long been a key market maker in Czech government bonds, consistently ranking among the Ministry of Finance&rsquo;s top primary dealers. In 2024, it secured first place in the overall ranking for both the primary and secondary market, reaffirming its position as one of the leading dealers in Czech government securities.

PPF banka specialises in financial and capital market trading, providing structured financing for business projects, exports, acquisitions, leveraged transactions and real estate to clients from corporate, public and private sectors.

“The biggest mistake you can make in life is to always be afraid of making one.”

Shareholders

PPF banka

PPF Telecom Group B.V.

PPF entered the telecom industry in 2014 and has been transforming it ever since. In 2015, it pioneered the separation of infrastructure from end-user services. This move revitalised both branches of the traditional telecom model by enhancing efficiency, agility, and, above all, management focus. This innovation has reignited sustainable growth in every telecom operator acquired by PPF. In 2024, PPF spurred a new cycle of growth by partnering with e&amp;, the global technology group, to unlock synergies and drive further innovation. This partnership created the e&amp; PPF Telecom Group.

<h2>Yettel and O2</h2>
The group serves consumer, corporate, and public sector customers through the O2 and Yettel brands, offering mobile voice, data and text messaging, fixed broadband, multi-platform internet television, and corporate data networks.
The group&rsquo;s telecommunications infrastructure providers are consolidated within the CETIN International subgroup, which offers wholesale services to all operators on equal terms.
<h2>CETIN International</h2>
CETIN International is the leading telecommunications infrastructure services provider in the region. It operates a high-quality telecommunication infrastructure portfolio, including the full scope of mobile access network assets, and an extensive fibre backbone and aggregation network.
CETIN offers wholesale telecommunications infrastructureservices to all operators in their four markets on equal terms. In Slovakia and Hungary, CETIN operates radio access networks for mobile services under network sharing agreements. This improves network coverage and capacity, accelerates modernisation, and generates energy savings.
A minority shareholder in CETIN International is GIC, Singapore's sovereign wealth fund, which is a long-term investor with global reach and extensive experience in infrastructure.
PPF holds 50% minus one share in e&amp; PPF Telecom Group, the majority shareholder with 50% plus one share is e&amp;.

Slovakia

Bulgaria

Serbia

e&amp; PPF Telecom Group is a major telecommunications service provider in Slovakia, Hungary, Bulgaria, and Serbia. Formed through a strategic partnership between e&amp; and PPF, the group is evolving from a mobile operator into a regional technology leader. It is leveraging PPF&rsquo;s cross-industry expertise, innovative operating model, and local knowledge, along with e&amp;&rsquo;s global presence and competence in advanced technologies and innovation.&nbsp;&nbsp;

Key operational data

“Leveraging the partnership between PPF and e&, we are developing a fully digitised customer journey and product suite to create an ecosystem around telecom services and further enhance the customer experience as our strategic differentiator.”  

e& PPF Telecom Group

PPF Group a.s.

PPF to establish investment company for Air Bank and PPF bank clients. Portfolio Managers Michal Semotan and Patrik Hudec are joining the Group

PPF Partners with Live Nation on Prague’s Top Venues: O2 arena, O2 universum and Forum Karlín

PPF Group

PPF accelerates AI and ecosystem strategy. Jindřich Fremuth has been appointed Group Chief AI Transformation Officer

In 2025, PPF confirmed the strong performance of its key business lines and continued to develop investments focused on developed markets in Europe and North America

AMALAR HOLDING announces relocation of PPF Group’s registered office from the Netherlands to the Czech Republic 

Nadace The Kellner Family Foundation

Renáta Kellnerová and her daughters donate CZK 170 million to support Ukrainian civilians affected by the humanitarian crisis

e& PPF Telecom Group subsidiary O2 Slovakia acquires UPC Broadband in Slovakia

Renáta Kellnerová and her daughters announce moving the domicile of PPF Group from the Netherlands to the Czech Republic

ITIS Holding a.s.

VITRONIC, part of ITIS Holding, Secures Major Long-Term Traffic Safety Operations Contract in Montgomery County, Maryland (USA)

Moody’s assigns PPF banka long-term deposit rating of A3 with stable outlook

Under the Terms of Use of these websites, it is forbidden to use the photographs contained in the Annual Reports posted on the aforementioned websites for any purposes other than for exclusively personal and non-commercial use, to copy, reproduce, edit, modify, rearrange or otherwise tamper with the photographs contained in the Annual Reports, or to disseminate any such photographs treated in this way. You may display the content of the Annual Reports, including photographs, on a&nbsp;computer, tablet, or mobile telephone screen, print individual pages on paper (but not photocopy them), and store such pages in electronic form on a&nbsp;disk or on your mobile telephone (but not on any server or other networked storage device) for your personal, non-commercial use only.

Annual Reports Agreement

PPF a.s., with its registered office in Prague 6, Evropsk&aacute; 2690/17, postal code 16041, Czech Republic, entered in the Commercial Register kept by the Municipal Court in Prague, Section B, Insert 4495, IČ: 25099345 (hereinafter referred to as the &ldquo;PPF Company&rdquo;), offers download on the website <a href="//www.ppf.eu">www.ppf.eu</a> (hereinafter referred to as the "website") official photos that are intended for download by PPF (such photos hereinafter referred to as "Photos").
Photographs, as well as all other material placed on any part of the website (including text, website design, graphics, all images on this website, as well as the selection and arrangement of files contained on this website) - hereinafter "content", are subject to protection pursuant to Act No. 121/2000 Coll., on Copyright, on Rights Related to Copyright and on Amendments to Certain Acts (Copyright Act), as amended (hereinafter referred to as the &ldquo;Copyright Act&rdquo;). Only PPF is entitled to exercise proprietary copyrights to the Photos and content, as well as to the website.
If you are interested in downloading and using some of the Photos, you must always accept the license agreements listed below. It is expressly stated that you acknowledge that you are not authorized to download and use any Photograph without accepting these license agreements.
License Agreement
The photo is provided for download and use under the conditions set forth in these license agreements. PPF grants you the right to download and use the Photo only if you unconditionally accept the license agreement set forth in this section. Unless otherwise agreed between you and PPF, any use of the Photograph that is not in accordance with these license agreements is prohibited.
By accepting these license agreements, you acquire a free, non-exclusive, non-transferable, territorially and time-limited license to download and view the Photos on your computer, tablet or mobile phone and print them on paper (but not to make copies). Unless otherwise stated or agreed below, you are entitled to use the Photos only for your own personal purposes.
Unless otherwise stated or agreed below, it is excluded and prohibited to copy (make copies), reproduce, modify, change, transform or otherwise interfere with the Photographs and further reproduce the Photographs concerned. Furthermore, it is forbidden to hand over, sell or otherwise provide the Photographs for use to another person (including the granting of a license or sublicense) or to make the Photographs available to another person in any way.
You further exclude and by accepting these license agreements you agree not to:
<ul>
 <li>Use the photographs in such a way that the persons depicted can give the public the impression that they support or promote political, religious, economic or other ideological movements, parties and other groups or political, religious, economic or other currents of thought (including and their display on promotional materials, including billboards);</li>
 <li>Use and edit photographs in such a way that the persons shown on them may give the public the impression that they are promoting erotic or sexual services, sexual health products or the promotion of sexual desire and libido;</li>
 <li>Use and edit the photographs so that the persons depicted on them may give the public the impression that the persons depicted on them promote drugs, alcohol (of any kind) and / or cigarettes;</li>
 <li>Use photographs for advertising purposes of any kind;</li>
 <li>Use photographs for the purpose of publication on billboards;</li>
 <li>Take photos by placing them on gift items;</li>
 <li>Use photographs as part of business communications;</li>
 <li>Use the photographs in such a way that the persons depicted on them may give the public the impression that those persons purchase, use or promote any goods or services;</li>
 <li>Use the Photographs in a manner that may give rise to reasonable doubt that such use could infringe or otherwise disparage the personal rights of the persons depicted in the Photographs.</li>
</ul>
If you have any doubts as to whether you are entitled to use the Photograph, taking into account the restriction mentioned above under the last indent, you undertake to seek the opinion of PPF before using the Photograph itself.
If you are interested in using the Photograph in a manner or to the extent beyond the scope of these license agreements, please contact PPF, specifically contact PPF at the e-mail address <a href="mailto:images@ppf.cz">images@ppf.cz</a>. In the e-mail message, state which Photo, for what purpose, to what extent, in what way and for how long you are interested in using it. With regard to the purpose, scope and manner of use of the Photograph that you specify in your application, it will be at PPF's sole discretion whether your application will be approved or rejected and you will be able to use the Photograph. In order to obtain consent to the use of the Photograph, you are obliged to provide only true and complete data in the application. If your application is approved, you will be able to download the requested Photo and use it for the purpose, manner and to the extent specified in the application. However, PPF reserves the right to set the conditions for the scope and method of use Photography.
By downloading the Photo, you do not become its owner in any way. The User who has been allowed to download the Photo undertakes to use the Photo only in accordance with the purpose and to the extent to which the Photo has been allowed to download and use, and only once.
For the media
Notwithstanding the above license agreements, media representatives are entitled, based on the acceptance of these license agreements, to use the Photographs under a news license and in an editorial sense, ie primarily as part of an article in newspapers, magazines and newspaper and magazine websites, including for commercial purposes. In the cases described in this paragraph, you may modify the Photo only by common technical interventions that do not change the image content of the Photo, which means cropping the Photo, and common color adjustments that do not change the meaning or image meaning of the Photo. With the exception of the above, the restrictions on the use of the Photograph resulting from the license agreements also apply to media representatives and the media itself.
General provisions
In the event that you request to combine the Photograph with the author's work (literary or artistic), you are obliged to ask PPF for consent to combine the Photograph with the author's work by sending a request to the e-mail address images@ppf.cz. PPF reserves the right, prior to the actual issuance of the consent, to request from you the submission of such copyright work for approval and as a basis for the decision to issue such consent. PPF also reserves the right not to issue a consent to the merger of the Photograph and the author's work after the assessment of the author's work. PPF also reserves the right to request the submission of a graphic design of each material on which the Photograph is to be displayed.
If you wish to use the Photograph on behalf of your employer, you represent and agree that you are authorized to accept these license agreements on behalf of your employer.
Only PPF is entitled to change or supplement these license agreements. The legal relations that arose between PPF and the user of Fotografie before the change or cancellation of these license agreements are governed by the wording effective as of the date of these relations.
These license agreements are governed by the applicable laws of the Czech Republic. All disputes arising in connection with the use of the Photograph will be heard by a locally competent court in the Czech Republic in accordance with the laws of the Czech Republic.
These license agreements are valid and effective on the date of their publication. These license agreements were published on 17/6/2021.
These license agreements are also prepared in English and Czech. In the event of a conflict between the Czech and English texts of the license agreements, the Czech text of the license agreements shall apply.

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PPF Group is an international investment group founded in the Czech 
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Name	Published by	Date
PPF to establish investment company for Air Bank and PPF bank clients. Portfolio Managers Michal Semotan and Patrik Hudec are joining the Group	PPF Group a.s.	11. 8. 2026
PPF Partners with Live Nation on Prague’s Top Venues: O2 arena, O2 universum and Forum Karlín	PPF Group a.s.	7. 8. 2026	Download PDF
PPF accelerates AI and ecosystem strategy. Jindřich Fremuth has been appointed Group Chief AI Transformation Officer	PPF Group	15. 7. 2026	Download PDF
In 2025, PPF confirmed the strong performance of its key business lines and continued to develop investments focused on developed markets in Europe and North America	PPF Group a.s.	20. 5. 2026	Download PDF
AMALAR HOLDING announces relocation of PPF Group’s registered office from the Netherlands to the Czech Republic	PPF Group	2. 4. 2026	Download PDF
Renáta Kellnerová and her daughters donate CZK 170 million to support Ukrainian civilians affected by the humanitarian crisis	Nadace The Kellner Family Foundation	4. 2. 2026	Download PDF
e& PPF Telecom Group subsidiary O2 Slovakia acquires UPC Broadband in Slovakia	e& PPF Telecom Group	18. 12. 2025	Download PDF
Renáta Kellnerová and her daughters announce moving the domicile of PPF Group from the Netherlands to the Czech Republic	PPF Group	11. 12. 2025	Download PDF
VITRONIC, part of ITIS Holding, Secures Major Long-Term Traffic Safety Operations Contract in Montgomery County, Maryland (USA)	ITIS Holding a.s.	20. 11. 2025	Download PDF
Moody’s assigns PPF banka long-term deposit rating of A3 with stable outlook	PPF banka	22. 10. 2025	Download PDF

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